Aon confirms $17B deal to acquire USI Insurance from KKR
The deal is expected to increase Aon’s earnings per share as soon as 2028, a person familiar with the matter told the Wall Street Journal.
Aon also operates a wealth advisory business in the United States through its investment consulting and advisory arm, Aon Investments USA Inc., providing institutional investment consulting services to pension funds, endowments, and other large pools of capital. The addition of USI’s retirement consulting capabilities could complement that platform.
The deal is a rare PE exit
KKR acquired USI alongside Canadian investment firm Caisse de dépôt et placement du Québec (CDPQ) from private-equity firm Onex Corporation in 2017 for $4.3 billion, including debt.
KKR subsequently made additional investments of more than $1 billion in the business, becoming its largest shareholder, Reuters reported. At the reported $17 billion valuation, the exit would represent a dramatic return on that original investment.
The USI deal is Aon’s second major acquisition of a PE-backed financial services firm in roughly two years. In 2024, Aon completed its acquisition of NFP Corp., a middle-market property and casualty insurance broker, for approximately $13.4 billion in cash and stock from Madison Dearborn Partners and HPS Investment Partners.
